Form 8-K
8-K — TEAM INC
Accession: 0001193125-26-342799
Filed: 2026-08-11
Period: 2026-08-06
CIK: 0000318833
SIC: 7600 (SERVICES-MISCELLANEOUS REPAIR SERVICES)
Item: Entry into a Material Definitive Agreement
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — d55393d8k.htm (Primary)
EX-10.2 (d55393dex102.htm)
EX-99.1 (d55393dex991.htm)
GRAPHIC (g55393g0810050636955.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: d55393d8k.htm · Sequence: 1
8-K
TEAM INC false 0000318833 0000318833 2026-08-06 2026-08-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 6, 2026
TEAM, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-08604
74-1765729
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
13131 Dairy Ashford, Suite 600
Sugar Land, Texas 77478
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: (281) 331-6154
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CF 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, $0.30 par value
TISI
New York Stock Exchange
Indicate by check mark whether registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01
Entry into a Material Definitive Agreement.
On August 6, 2026, Corre Partners Management, LLC (“Corre”), on behalf of itself, the Corre Holders (as defined in the Corre Board Rights Agreement (as defined below)) and their respective affiliates (collectively, the “Investors”), irrevocably waived, relinquished and disclaimed (the “Corre Board Rights Waiver”) (i) the rights of the Investors provided by Section 2.1 (Board Observation Rights) of the Board Rights Agreement, dated as of June 16, 2023, by and among Team, Inc., (the “Company”), Corre, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon Fund II, LP. (the “Corre Board Rights Agreement”) in their entirety, (ii) the rights of the Investors provided by Section 2.2 (Board Nomination Rights) of the Corre Board Rights Agreement with respect to the Investor Equity Directors (as defined in the Corre Board Rights Agreement), including the right to designate the Chairman of the Board, and (iii) any and all other rights of the Investors, other than the rights of the Investors with respect to the Lender Director (as defined in the Corre Board Rights Agreement) (all of which remain in full force and effect), in each case effective as of the date of the Corre Board Rights Waiver.
The material terms of the Corre Board Rights Agreement were previously disclosed in Item 1.01 of the Company’s Current Report on Form 8-K filed on June 20, 2023, which is incorporated herein by reference. The foregoing description of the Corre Board Rights Waiver is a summary and is qualified in its entirety by the terms of the Corre Board Rights Waiver, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
Item 7.01
Regulation FD Disclosure.
On August 10, 2026, the Company issued a press release in connection with the acquisition by an entity controlled by Stellex Capital Management LLC of all 1,604,326 shares of the Company’s common stock previously held by Corre and its affiliates. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 7.01 and Exhibit 99.1 furnished hereunder shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit number
Description
10.1
Board Rights Agreement, dated as of June 16, 2023, by and among Team, Inc., Corre Partners Management, LLC, Corre Opportunities Qualified Master Fund, LP, Corre Horizon Fund, LP and Corre Horizon Fund II, LP. (filed as Exhibit 10.3 to Team, Inc.’s Current Report on Form 8-K (File No. 001-08604) filed on June 20, 2023, incorporated by reference herein).
10.2
Irrevocable Waiver of Certain Board Rights, dated August 6, 2026, by Corre Partners Management, LLC.
99.1
Team, Inc.’s Press Release issued August 10, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TEAM, Inc.
By:
/s/ James C. Webster
James C. Webster
Executive Vice President, Chief Legal Officer and Secretary
Dated: August 10, 2026
EX-10.2
EX-10.2
Filename: d55393dex102.htm · Sequence: 2
EX-10.2
Exhibit 10.2
August 6, 2026
Team, Inc.
13131 Dairy Ashford Rd., Suite 600
Sugar Land, TX 77478
Attention: Butch Bouchard
We refer to that
certain Board Rights Agreement dated as of June 16, 2023, by and among Team, Inc., a Delaware corporation, Corre Partners Management, LLC and the “Corre Holders” as defined therein (as amended from time to time, the “Board Rights
Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Board Rights Agreement.
On behalf of the undersigned, the Corre Holders and their respective affiliates, we hereby irrevocably waive, relinquish and disclaim
(i) the rights of the Investors provided by Section 2.1 (Board Observation Rights) of the Board Rights Agreement in their entirety, (ii) the rights of the Investors provided by Section 2.2 (Board Nomination Rights) of the Board
Rights Agreement with respect to the Investor Equity Directors, including the right to designate the Chairman of the Board, and (iii) any and all other rights of the Investors, other than the rights of the Investors with respect to the Lender
Director (all of which shall remain in full force and effect), in each case effective as of the date hereof.
Very truly yours,
CORRE PARTNERS MANAGEMENT, LLC
By:
/s/ John Barrett
Name: John Barrett
Title: Managing Member
Copy by email to:
Kirkland & Ellis LLP
609 Main St.
Houston, TX 77002
Attention: Christopher T. Greco; Matthew R.
Pacey; Bryan D. Flannery
Email:
christopher.greco@kirkland.com; matt. pacey@kirkland.com;
bryan.flannery@kirkland.com
EX-99.1
EX-99.1
Filename: d55393dex991.htm · Sequence: 3
EX-99.1
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
TEAM, INC. Announces Stellex Capital Management Has Become Its Largest Common
Equity Shareholder Following Significant Additional Investment
SUGAR LAND, TX – August 10, 2026 – Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global,
leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services, today announced that an entity controlled by Stellex
Capital Management LLC (“Stellex”) has acquired all 1,604,326 shares of the Company’s common stock currently held by Corre Partners Management, LLC (“Corre”) and its affiliates at a purchase price of $35.50 per share.
The transaction was a privately negotiated sale between two existing stakeholders. The Company is not issuing any shares in relation to this transaction and will not receive any proceeds from the transaction. Upon closing, Stellex is expected to own
approximately 35% of the Company’s outstanding common stock, as well as preferred stock and warrants that were issued to Stellex in September of 2025.
Michael Caliel, Team’s Chairman of the Board commented, “Stellex has been a supportive stakeholder and an engaged partner since the firm’s
initial investment in the Company last September, and we have valued their team’s contributions over the last year. We share a strong alignment around the Company’s strategic direction and long-term opportunity, and we recognize this
transaction by Stellex as a strong vote of confidence in the significant embedded value of the TEAM franchise that can be unlocked. We thank Corre for their active and strategic engagement over the last several years that contributed to the
Company’s successful turnaround during a critical period and view this as the natural evolution in our investor base as we enter the next phase in the Company’s journey focused on long-term value creation. We look forward to continuing
to work closely with the Stellex team as we execute on our priorities and continue building value for all shareholders.”
Olivia Zhao, Managing
Director at Stellex concluded, “We believe TEAM is built on strong fundamentals. We have developed a strong conviction in Team, its leadership and the long-term opportunity ahead. Our decision to increase our ownership reflects
our confidence in the Company’s transformation and in its ability to work to deliver differentiated value to its customers. We believe our interests are aligned with the Company and its shareholders, and we look forward to continuing our
partnership with management and the Board as the team executes on its strategy in an effort to create long-term value.”
About Team, Inc.
Headquartered in Sugar Land, Texas, Team, Inc. (NYSE: TISI) is a global, leading provider of specialty industrial services offering customers access to a full
suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services. We deploy conventional to highly specialized inspection, condition assessment, maintenance, and repair services that result in greater safety,
reliability, and operational efficiency for our customers’ most critical assets. Through locations in 13 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability
management expertise to fuel a better tomorrow. For more information, please visit www.teaminc.com.
Forward Looking Statements
Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of
1995. We have made reasonable efforts to ensure that the information, assumptions, and beliefs upon which this forward-looking information is based are current, reasonable, and complete. However, such forward-looking statements involve estimates,
assumptions, judgments, and uncertainties. They include but are not limited to statements regarding the Company’s financial and growth prospects and strategy, including the implementation of cost-saving measures. There are known and unknown
factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Although it is not possible to identify all of these factors, they include, among others: the Company’s ability
to generate sufficient cash from operations, access its credit facilities, or maintain its compliance with covenants under its credit agreements and its preferred stock certificate of designation; negative market conditions, including domestic and
global inflationary pressures, the impact of changes in global trade policies and tariffs, and future economic uncertainties, particularly in industries in which the Company is heavily dependent; the Company’s liquidity and ability to obtain
additional financing; the impact of new or changes to existing governmental laws and regulations and their application, including tariffs; the outcome of tax examinations, changes in tax laws, and other tax matters; foreign currency exchange rate
and interest rate fluctuations; the Company’s ability to repay, refinance or restructure its debt and the debt of certain of its subsidiaries; anticipated or expected purchases or sales of assets; the Company’s ability to maintain
compliance with the New York Stock Exchange continued listing requirements and rules, and such known factors as are detailed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange
Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein, including statements regarding the Company’s financial prospects and the implementation of cost-saving measures, will
occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the Company, whether as a result of new information, future
events or otherwise, except as may be required by law.
Contact:
Alpha IR Group
Nick Teves or Joseph Caminiti
TISI@alpha-ir.com
(312) 445-2870
GRAPHIC
GRAPHIC
Filename: g55393g0810050636955.jpg · Sequence: 7
Binary file (4728 bytes)
Download g55393g0810050636955.jpg
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 9
v3.26.1
Document and Entity Information
Aug. 06, 2026
Cover [Abstract]
Entity Registrant Name
TEAM INC
Amendment Flag
false
Entity Central Index Key
0000318833
Document Type
8-K
Document Period End Date
Aug. 06, 2026
Entity Incorporation State Country Code
DE
Entity File Number
001-08604
Entity Tax Identification Number
74-1765729
Entity Address, Address Line One
13131 Dairy Ashford
Entity Address, Address Line Two
Suite 600
Entity Address, City or Town
Sugar Land
Entity Address, State or Province
TX
Entity Address, Postal Zip Code
77478
City Area Code
(281)
Local Phone Number
331-6154
Written Communications
false
Soliciting Material
false
Pre Commencement Tender Offer
false
Pre Commencement Issuer Tender Offer
false
Security 12b Title
Common Stock, $0.30 par value
Trading Symbol
TISI
Security Exchange Name
NYSE
Entity Emerging Growth Company
false
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Cover page.
+ References
No definition available.
+ Details
Name:
dei_CoverAbstract
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 2 such as Street or Suite number
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine2
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration